The housing group, which was formed from the merger of Bromford and Flagship housing groups in February 2025, has posted its unaudited results for the 2024-25 financial year, revealing an increase in turnover to £607m (2024: £567m), increased operating surplus, excluding asset sales, of £181m (2024: £165m) and increased surplus after tax of £135m (2024: £123m). Turnover from social housing lettings rose to £492m (2024: £450m) and accounted for 81% of Bromford Flagship’s total turnover. Operating margin on social housing lettings rose to 33% (2024: 32%), while it reported an overall operating margin, excluding assets sales, of 30% (2024: 29%).  

Over the course of 2024-25 Bromford Flagship completed 1,770 new homes, including 519 for social rent, 706 for affordable rent, 479 for shared ownership and 66 for outright sale. Through the acquisition of new land and entering into agreements with development partners, Bromford Flagship has now secured a pipeline of approximately 6,500 new homes it will build over the next five years. Together with the additional £1.9 billion of borrowing capacity unlocked by the merger, Bromford Flagship is in position to increase this further to enable the delivery of 2,000 new homes every year for the next 30 years, with an ambition that 50% will be at social rent – making the organisation the largest builder of new social homes.

Bromford Flagship has also reported its performance against three of the Tenant Satisfaction Measures in its trading update. It revealed its combined figures for overall satisfaction (80%), customers who think their home is safe (88%) and customers who feel they are treated fairly and with respect (87%).

Introducing the report, Chief Executive Officer Robert Nettleton said: “I’m pleased that we are reporting a strong set of results across customer satisfaction, new homes delivery and financial performance, in what has continued to be a challenging environment. We completed the merger of Bromford and Flagship on 28 February 2025, bringing together two housing associations to create one of the leading and strongest housing associations in the country.

“We are pleased that key stakeholders have recognised the strength of Bromford Flagship, which provides a good platform for the years ahead. Moody’s and Standard and Poor’s confirmed the Bromford pre-merger ratings of A2 stable and A+ stable respectively for Bromford Flagship. Likewise, the Regulator of Social Housing has provided Bromford Flagship with a G1 V1 rating.”

Chief Finance Officer Paul Walsh added: “Our overall operating margin and social housing operating margin have both increased year-on-year. Total turnover was £607m, up 7% from the previous year, with 81% from our core activity of social housing. Operating surplus excluding asset sales rose by 10% as a result of our focus on value for money and driving efficiencies across our business which enables us to invest in areas such as driving down repairs volumes and focussing on reducing condensation, damp and mould.”

All 2024 figures are a combination of both Bromford and Flagship’s figures from the 2023-24 financial year.